International Seaways Enters Material Definitive Agreement
Ticker: INSW · Form: 8-K · Filed: May 1, 2024 · CIK: 1679049
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: INSW
TL;DR
INSW just signed a big deal, likely involving debt or a new financial obligation.
AI Summary
International Seaways, Inc. entered into a material definitive agreement on April 26, 2024, related to a financial obligation. The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
Why It Matters
This filing signals a significant financial commitment or arrangement for International Seaways, Inc., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new financial risks or obligations that require careful evaluation.
Key Players & Entities
- International Seaways, Inc. (company) — Registrant
- April 26, 2024 (date) — Date of earliest event reported
- April 30, 2024 (date) — Date of Report
FAQ
What type of material definitive agreement did International Seaways, Inc. enter into?
The filing states that the agreement involves the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
What is the specific date of the earliest event reported in this 8-K filing?
The earliest event reported is dated April 26, 2024.
What is the filing date for this Current Report on Form 8-K?
This Current Report on Form 8-K is filed as of May 1, 2024.
What is the Standard Industrial Classification code for International Seaways, Inc.?
The Standard Industrial Classification code for International Seaways, Inc. is WATER TRANSPORTATION [4400].
What was the former name of International Seaways, Inc. and when did the name change occur?
The former name was OSG International, INC, and the date of the name change was July 7, 2016.
Filing Stats: 1,110 words · 4 min read · ~4 pages · Grade level 13.3 · Accepted 2024-04-30 19:46:05
Key Financial Figures
- $750 Million — 22, as amended from time to time (the " $750 Million Credit Facility ") with Nordea Bank Abp
- $94.6 million — y, had a remaining term loan balance of $94.6 million and undrawn revolver capacity of $257.4
- $257.4 million — illion and undrawn revolver capacity of $257.4 million. The amended agreement consists of a $5
- $500 million — on. The amended agreement consists of a $500 million revolving credit facility (the "$500 Mi
- $500 Million — million revolving credit facility (the "$500 Million RCF ") that matures on January 31, 2030
- $12.8 m — d on a quarterly basis by approximately $12.8 million, based on a 20-year age-adjusted
- $405.4 million — leaving an undrawn revolver capacity of $405.4 million on this facility. The sustainability-l
- $50 million — nimum liquidity level of the greater of $50 million and 5% of the Company's Consolidated In
Filing Documents
- tm249131071_8k.htm (8-K) — 34KB
- 0001104659-24-055092.txt ( ) — 252KB
- insw-20240426.xsd (EX-101.SCH) — 3KB
- insw-20240426_def.xml (EX-101.DEF) — 26KB
- insw-20240426_lab.xml (EX-101.LAB) — 36KB
- insw-20240426_pre.xml (EX-101.PRE) — 25KB
- tm249131071_8k_htm.xml (XML) — 5KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On April 26, 2024, International Seaways, Inc. (the " Company "), International Seaways Operating Corporation (the " Borrower ") and certain of their subsidiaries entered into a second amendment that amended and extended that certain credit agreement dated as of May 22, 2022, as amended from time to time (the " $750 Million Credit Facility ") with Nordea Bank Abp, New York Branch (" Nordea "), BNP Paribas, Crdit Agricole Corporate & Investment Bank (" CA-CIB "), DNB Markets Inc., and Skandinaviska Enskilda Banken AB (PUBL) (or their respective affiliates), as mandated lead arrangers and bookrunners; and ING Bank N.V., London Branch and Danish Ship Finance A/S and (or their respective affiliates), as lead arrangers and National Australia Bank Limited as co-arranger. Nordea is acting as administrative agent, collateral agent, coordinator and security trustee under the amended agreement, and CA-CIB is acting as sustainability coordinator. On April 26, 2024, immediately prior to the closing of the second amendment, the $750 Million Facility, had a remaining term loan balance of $94.6 million and undrawn revolver capacity of $257.4 million. The amended agreement consists of a $500 million revolving credit facility (the "$500 Million RCF ") that matures on January 31, 2030. That maturity date is subject to acceleration upon the occurrence of certain events (as described in the $500 Million RCF). The $500 Million RCF is secured by a first lien on certain of the Company's vessels (the " Collateral Vessels "), along with their earnings, insurances and certain other assets, as well as by liens on certain additional assets of the Borrower. Under the terms of the $500 Million RCF capacity is reduced on a quarterly basis by approximately $12.8 million, based on a 20-year age-adjusted profile of the Collateral Vessels. The $500 Million RCF bears an interest rate based on term SOFR+185bps (the "margin") and includes similar
03 Creation of a Direct Financial Obligation or an Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 as if fully set forth herein.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERNATIONAL SEAWAYS, INC. (Registrant) Date: April 30, 2024 By /s/ James D. Small III Name: James D. Small III Title: Chief Administrative Officer, Senior Vice President, Secretary and General Counsel